Mobile phone operators Robi Axiata Limited and Banglalink are bringing services to the country's Digital Financial Services (DFS) sector. Both the companies want to launch their own digital wallet services. In the meantime, the two companies have submitted applications to Bangladesh Bank for a Payment Service Provider (PSP) license. Among them, Robi Axiata Limited has received a no-objection certificate to launch the service. The matter of getting no-objection certificate for Banglalink is still under process.

It is learnt that Robi Axiata Limited and Banglalink have formed separate companies named 'Smart Pay' and 'New PSP Limited'. A Payment Service Provider (PSP) or transaction service provider is a service provider that will accept money from credit cards and debit cards through digital transactions on behalf of a product or service seller. This medium will go to the seller's account. PSPs also act as intermediaries in transactions between consumers and retailers. The capital required to form a company to provide PSP services is Tk 20 crore.

Robi and Banglalink, two of the country's leading mobile phone operators, are now looking to enter the digital transaction business.

In this regard, Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan told, "Two institutions have applied for PSP services. One has been given a no-objection certificate. The application of the other is under consideration. We want internationally experienced institutions to come to the digital transaction market. This will increase the quality of services. Customers will benefit. If digital transaction services are expanded, the use of cash will decrease."

Arif Hossain Khan further said that every year, about 20 thousand crore taka is spent on printing notes. There are various risks and complications in sending this money to different banks. In this situation, 'cashless transactions' have become essential in daily life. If this is ensured, it is possible to prevent money laundering and corruption without increasing the government's revenue.

Meanwhile, Vion Group, the parent company of Banglalink, wrote a letter to Bangladesh Bank Governor Ahsan H. Mansur on September 14 expressing its interest in obtaining a digital banking license.

Industry insiders say Robi and Banglalink will add a new dimension to the digital transaction market. The two companies have about 100 million subscribers. The entry of these two operators into the market will intensify competition, resulting in customers getting more innovative and quality services at lower costs.

Robi Axiata's Chief Corporate and Regulatory Officer Shahed Alam told, "We applied for this license as per the advice of Bangladesh Bank for some of our ongoing services. A payment service provider named Smart Pay Limited has been given a no-objection letter for the license. This service will open new doors as well as the beginning of a new chapter in the country's digital inclusion." He said, "Our goal is to make the country's cashless transaction system easier, safer and more inclusive for all."